Nottingham City Council has become the latest local authority to effectively declare bankruptcy as it is unable to fulfil its legal obligation to balance its budget. The state of the council’s spreadsheets has been blamed partly on mistakes of its own making – namely the collapse of an energy firm it launched back in 2020,…
Twelve months after REDcycle’s dramatic collapse, Australians are no closer to a national soft plastics recycling program, leading to calls for the federal government to crack down on the nation’s major supermarkets. Key points: REDcycle stopped collecting soft plastics last November and was declared insolvent in February 44 stockpiles of soft plastics have been reduced…
VIENNA/FRANKFURT, Nov 29 (Reuters) – Property and retail giant Signa declared insolvency on Wednesday after last-ditch attempts to secure fresh funding failed, making it the biggest casualty so far of Europe’s property crash. Controlled by Austrian magnate Rene Benko, the group is an owner of New York’s Chrysler Building as well as several high-profile projects…
Nottingham City Council has declared itself effectively bankrupt, saying it cannot follow through on its legal requirement to balance this years budget. The local authority issued a section 114 notice on Wednesday, halting all new spending immediately excluding in the event of protecting vulnerable people and funding statutory services. The announcement follows reports of financial…
selfridges london Selfridges shareholder Signa has filed for insolvency just weeks after the business was plunged into financial turmoil. Rene Benkos retail and property empire was toppled by a cash crunch on Wednesday after a Vienna court declared the business insolvent. The development will raise questions over Signas minority shareholding in Selfridges after it recently…
Nottingham City Council has declared itself effectively bankrupt after issuing a section 114 notice. The Labour-run local authority confirmed the announcement on Wednesday, saying its chief financial officer had decided it “isn’t able to deliver a balanced budget for this year, which is a legal requirement”. As a result of the section 114 notice, all…
Croydon Council has declared bankruptcy for the third time in two years. Photo by Dan Kitwood/Getty Images. This article was originally published on 19 December. It has been republished following the news today (29 November 2023) that Nottingham council has issued a Section 114 notice, effectively declaring itself bankrupt. Today Nottingham City Council declared bankruptcy,…
In a landmark judgment on November 9, the Supreme Court disposed of a batch of 384 petitions (Dilip B Jiwrajka vs Union of India & Others), affirming the constitutionality of provisions in the Insolvency and Bankruptcy Code (IBC) related to the insolvency resolution of personal guarantors to corporate debtors (PGCDs). This decision should expedite the…
Member Article Christmas Trading Concerns After Sharp Month-On-Month Increase In Corporate Insolvencies Its impossible to say whether the Christmas trading period will provide a badly needed boost for struggling North East firms or whether itll be the final blow for their finances. Thats the view of the North East chair of insolvency and restructuring trade…
Selfridges shareholder Signa has filed for insolvency just weeks after the business was plunged into financial turmoil. Rene Benkos retail and property empire was toppled by a cash crunch on Wednesday after a Vienna court declared the business insolvent. The development will raise questions over Signas minority shareholding in Selfridges after it recently gave up…